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Retail Sales Plummet
Wall Street Journal ^ | DECEMBER 26, 2008 | ANN ZIMMERMAN, JENNIFER SARANOW and MIGUEL BUSTILLO

Posted on 12/26/2008 5:34:47 PM PST by An Old Man

Edited on 12/26/2008 5:35:48 PM PST by Admin Moderator. [history]

Price-slashing failed to rescue a bleak holiday season for beleaguered retailers, as sales plunged across most categories on shrinking consumer spending, according to new data released Thursday.

Despite a flurry of last-minute shoppers lured by the deep discounts, total retail sales, excluding automobiles, fell over the year-earlier period by 5.5% in November and 8% in December through Christmas Eve, according to MasterCard Inc.'s SpendingPulse unit.


(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events
KEYWORDS: christmas; retail
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To: pineybill
EJ Korvettes - had a great record department

Oh yes.

Add Wannamaker's, Klein's and Strawbridge & Clothier.

101 posted on 12/27/2008 6:05:06 AM PST by Tribune7 (Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
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To: whipitgood

Considering we haven’t had a decrease in holiday spending in 50 years, a -8% (before factoring inflation of 4%) is depressionary? Especially when you consider that there are more locations open this year than last year (which means comps—which is what matters to a retailers bottom line) is probably down -12%. If you exclude Walmart remove another 3-5%.


102 posted on 12/27/2008 6:16:12 AM PST by rb22982
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To: fso301

They didn’t (least not in our territory-22 states). Cash deposits were down YoY.


103 posted on 12/27/2008 6:17:01 AM PST by rb22982
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To: TheZMan

They’ve had 50” LCD TVs for as low as $699 this holiday season already and I’ve seen 32” for ~300.


104 posted on 12/27/2008 6:18:26 AM PST by rb22982
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To: hunter112

Considering most retailers bottom line is about 2-5% of sales, an 8% drop would wipe most out. When you factor in store expansions and inflation (of around 4-5%), that is a very, very bad #. I take it you’ve never worked in retail before?


105 posted on 12/27/2008 6:21:08 AM PST by rb22982
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To: Phinanceguy

Gift Card sales are down YoY so that doesn’t matter anyway. Internet spending has been flat this year according to estimates. Gift card sales are recorded as sales when they are redeemed—that just means Q1s always have higher revenue than normal. This is not an issue — don’t try to make it one. It’s simple accounting.


106 posted on 12/27/2008 6:22:21 AM PST by rb22982
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To: Comparative Advantage

It got purchased by Rite-Aid.


107 posted on 12/27/2008 6:24:56 AM PST by rb22982
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To: An Old Man

Did this guy have anything to do with it:

http://www.revbilly.com/


108 posted on 12/27/2008 6:25:41 AM PST by ninonitti
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To: pineybill

Woodward & Lothrop
Raleigh
Garfields
Hechts
Hechingers
Best


109 posted on 12/27/2008 6:31:46 AM PST by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
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To: sitetest

Garfields = Garfinkels

Shouldn’t post before coffee. ;-)


110 posted on 12/27/2008 6:34:14 AM PST by sitetest (If Roe is not overturned, no unborn child will ever be protected in law.)
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To: nobama08

I’m thinking Walmart made out just fine. But you’ll not see this mentioned much by the Drive-Bys.

I’d been listening to all this hysteria about Christmas sales being down so and dear Lord you’d think the roof fell in.

Well what the hell did they expect with all the news about mortgages, done by the gubmint and Barney Frank the great Speech Therapist, the stock market, bailouts of every business including Uncle Ned’s car wash...on and on?

Of course us average folk cut down on our Christmas spending. But I’m betting all across the fruited plains most Americans had a nice Christmas day but this year devoid of so much excess of prior years.

We live in a world folks, where a little moderation is the stuff of Chicken Little.


111 posted on 12/27/2008 6:36:48 AM PST by Fishtalk (Tell McCain- stop reaching across the aisle ; America voted for the guy who always voted "present".)
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To: Enchante
I’m just waiting for Obama to pay my bills and put gas in my tank.... then I’ll start shopping again! /s

I use that line too. It flummoxes liberals. (Except when I'm buying ammo.) Happy New Year to you.

112 posted on 12/27/2008 6:37:44 AM PST by NaughtiusMaximus (You'll shoot your eye out , kid! Merry Christmas!)
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To: Radagast the Fool
My sister and I took our Christmas gift certificates and went shopping yesterday.

One of our stops was at Bed, Bath & Beyond. The entrance area of the store was filled with the "As Seen On TV" merchandise. One stand was filled to the brim with the Obama commemorative dishes.

I would've thought, being that he's so loved (end sarcasm) and his election is such a historic event, that they would've been sold out.

113 posted on 12/27/2008 6:40:23 AM PST by 3catsanadog (I plan to give the new President the same respect and dignity the other side gave Bush.)
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To: KoRn

So, you’re married to Ann Coulter? :-)


114 posted on 12/27/2008 7:11:02 AM PST by VRWCer (Sarah Palin - the embodiment of the spirit and true grit upon which this great country was founded.)
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To: Comparative Advantage

Err—sorry they were purchased by CVS—not Rite Aid.


115 posted on 12/27/2008 7:14:18 AM PST by rb22982
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To: combat_boots
Baltic Dry Index Falls 93% As Shipping Rates Plunge, Signalling Global Economic Collapse


116 posted on 12/27/2008 7:27:30 AM PST by blam
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To: rb22982

No problem, I thought it might have been Revco. :-)


117 posted on 12/27/2008 7:38:53 AM PST by Comparative Advantage
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To: Hillarys Gate Cult

Exactly!

We’ll begin hearing tidbits about this or that story being a glimmer of hope in the economy.

We’ll even have the media say that “NOW” the fundamentals of the economy have “become” sound.

Then they’ll start glowing.

They operate under the assumption that most everybody is stupid, powerless, or both. They are right.


118 posted on 12/27/2008 7:40:34 AM PST by xzins (Retired Army Chaplain, Pro Deo et Patria)
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To: strongbow

I’m afraid to go near the 50BMG at Chimos lest I drool all over it!

Our economy isn’t bad but I still have a feeling Target isn’t getting a lot of its supposed “upscale” buyers. They should have left the mall alone, and maybe someday we will get a Costco, it would be in a better place I think on the south side of the Parks between Lithia and Hyer road where the old quarry used to be.


119 posted on 12/27/2008 8:04:38 AM PST by Eye of Unk (How strangely will the Tools of a Tyrant pervert the plain Meaning of Words! SA)
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To: Fishtalk

We had a very nice Christmas and used cash for everything. We also baked cookies and took to the homeless breakfast downtown Christmas morning. That was my favorite part of Christmas this year - just being thankful for what we have and giving a little something to those less fortunate.


120 posted on 12/27/2008 9:31:22 AM PST by nobama08
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